Homeowners

Monday, December 30th, 2013

Q:     The Servicer (the bank) has filed suit to foreclose on our property but just before trial, sold the alleged Note to a third party, and then 30 days later bought is back. What is the effect of this on their suit?

A:     We have a few of these including one in Yamhill county. We have contacted the attorneys on the other side and asked them if they intend to represent the new note holder and if they plan to substitute the new note holder in as plaintiff in the case. If the note has been sold back to the original plaintiff in the case and they have possession of the note endorsed in blank or endorsed to them specifically I don't see that the sale did anything for you one way or the other.

http://www.avvo.com/legal-answers/in-a-foreclosure-suit--what-is-the-effect-of-the-p-1453941.html

Monday, December 23rd, 2013

Q:     They applied it to the principal instead of deducting it.We are all aware of the fraud and foreclosures that have initiated class action suits nation wide and believe we fit into all of them but cannot find anyone who can help us do that.Could you please refer us to someone who can help us before it becomes to late?

A:     People lost their home from scrupulous lender and fraudsters . yes there are many action and maybe you fit the profile but you really need a lawyer to review your documents and guide you in this issue
Immediate action is a must .

http://www.avvo.com/legal-answers/how-can-we-stop-fraud-dead-on-its-tracks-before-it-1446754.html

Monday, December 23rd, 2013

Q:     I have heard that once the sale is complete, that we have 90 days to leave. Is that true in all cases? I am not sure we are considered "bona fide" tenants as we have not been paying rent for the last year (at the homeowner and their attorneys request) though we do have a lease that "requires" payment of rent, as the law states.

A:     You are not protected by the Protecting Tenants in Foreclosure Act unless you have a bona fide lease that is not expired and you have been paying rent. Once the sale is complete the court will issue a title to the new owners after 10 days and they will also obtain a writ of possession to remove you (if you were named in the foreclosure suit).

http://www.avvo.com/legal-answers/we-are-renters-in-a-home-in-foreclosure--it-has-pr-1448876.html

Monday, December 16th, 2013

Q:     My lender filed a foreclosure complaint early in 2011 and it was dismissed later in the year. At that time, I had 3 outstanding unpaid judgments that appeared in the title search results. The judgments were paid in Oct 2012. The NJ judiciary site has shown all 3 as closed since Jan 2013. Lender refiled foreclosure complaint in Sept 2013 and shows these same 3 debts as open judgments.

A:     Title reports and searches are typically dated. It's in the interest of the lender to have a current title report and name all junior lien holders. Only be naming the junior lien holders (in the foreclosure) can their liens be removed.

http://www.avvo.com/legal-answers/did-foreclosure-attorney-actually-do-the-title-sea-1450494.html

Monday, December 16th, 2013

Q:     I received a lis Pendens/ Summons in Sept.2012. I filed a motion to dismiss on time in Oct 2012. The Plaintiff filed a motion for default in June 2013. The notice of default was not entered July 2013 because everything was filed on time. How long does the plaintiff have....

A:     The rules of procedure require that the Plaintiff file something - anything - at least once every 12 months. If there is no record activity for a period of 10 months, the court could send the Plaintiff a notice indicating that it intends to dismiss the case unless a filing is made within 60 days.

http://www.avvo.com/legal-answers/what-is-the-time-limit-for-lender-to-respond-to--a-1460124.html

Monday, December 16th, 2013

Q:     I purchased a home through a first-mortgage's foreclosure auction, and I was the highest bidder. The home has a HOA, and am I aware of FS that indicates a third party purchaser is jointly liable for ALL ASSESSMENTS becoming due before acquisition of title (in addition to future, obviously), however I read the HOA documents more closely, and it appears there are clauses that might suggest otherwise, that might take precedence.

A:     That is interesting and unusual language, and it creates an interesting issue, amid tension between the statute and the declaration. My gut is that the declaration will control, however this is an issue that requires research. You should retain the services of a knowledgeable attorney.

http://www.avvo.com/legal-answers/hoa-subordination-of-lien-in-declaration--in-a-fir-1464386.html

Friday, December 13th, 2013

Massachusetts homeowners facing foreclosure will see enhanced protections under regulations filed by the state Division of Banks that prevent national and state lenders from foreclosing on a property if an application for a loan modification is in process.  “This is another step in the right direction to further strengthen protections provided to Massachusetts borrowers and homeowners,” Consumer Affairs and Business Regulation Undersecretary Barbara Anthony said in a news release.

http://www.masslive.com/business-news/index.ssf/2013/10/massachusetts_en...

Friday, December 13th, 2013

Earlier this year, Kevin Singh almost lost his house.  "The bank did not help, was not helping at all," Singh told VOR. "I sent them everything, sent them all the income I'm making, [to show that] I can afford the house. But they did not do anything –they tried to foreclose on me."  Singh is a self-employed housepainter living in Sacramento, California. He is an immigrant from India who has lived in the United States for 20 years. He was a victim of the housing bubble's collapse and the questionable mortgage products and practices that helped cause it.  "The business started going down when the economy went down, I was not able to afford my payments," he said.

http://voiceofrussia.com/us/2013_10_18/America-s-Housing-Nightmare-Homeo...

Thursday, December 12th, 2013

A Treasure Valley woman bought a home in Nampa, only to find out later that she only owns half of it. She owns the front half of the property, while someone else owns the back half.  At age 76, Betty Galloway was looking to settle down in Nampa. She is retired and lives on Social Security. The widow and mother of five sold her home in Georgia, planning to use the money to buy a home here.

http://www.ktvb.com/news/Valley-woman-says-she-bought-half-a-house-22812...

Thursday, December 12th, 2013

Having a hard time with the mortgage? Take the advice of local activists: Stop paying and stay put. State bank regulators have your back.  The state Division of Banks has put its stamp on regulations designed to keep lenders from foreclosing a loan if the borrower has applied for a modification.  The regulations are part of a foreclosure prevention law signed by Gov. Deval Patrick last year. They complement rules requiring lenders to modify home loans if the cost of modification is less than the cost of foreclosure.

http://www.bizjournals.com/boston/news/2013/10/17/mortgage-borrowers-get...

Thursday, December 12th, 2013

Baltimore-based Civil Justice is offering free legal consultations for Marylanders who lost their home or are facing other foreclosure-related financial difficulties. The new program, “Foreclosure Recovery: On Track to Financial Health,” will focus on addressing harmful ripple effects of mortgage default, from municipal liens and debt collection to credit problems. The nonprofit Civil Justice hopes to reach 300 to 600 people.

http://www.baltimoresun.com/business/real-estate/wonk/bal-wonk-financial-consultations-offered-for-marylanders-buffeted-by-foreclosure-20131016,0,1785334.story

Wednesday, December 11th, 2013

Question: My husband and I were recently taken to court by our landlord, who was trying to evict us. The landlord alleged in the court papers that we hadn't paid our rent. When we went to court for our trial, we reached an agreement with the landlord's attorney to move out as part of a settlement of the case. We found another rental and moved out within a week, but now we are worried that this court case will still show up on our credit report. Will this case continue to haunt us?

http://www.latimes.com/business/realestate/la-fi-rentwatch-20131020,0,73...

Tuesday, December 10th, 2013

We, the homeowners of America claim the tortious actions of the Banks have created Unjust Enrichment, evident in the fact that their wealth and size has increased 40% since the Great Recession they caused. The basic purpose of restitution is to achieve fairness and prevent the unjust enrichment of a party.   In tort law, restitution applies to the measure of damages required to restore the plaintiff to the position he or she held prior to the commission of the tort.

https://www.change.org/petitions/elizabeth-warren-give-restitution-to-th...

Monday, December 9th, 2013

Home purchases by institutional buyers reached a record high in September and all-cash buyers accounted for almost half of sales as investors responded to rising demand from renters. Institutional purchases accounted for 14 percent of sales, according to a report today from RealtyTrac. That was the highest share since the real estate data firm began in 2011 to track transactions by that group, which it defines as buyers of 10 or more homes a year. All-cash sales rose to 49 percent from 40 percent in August and 30 percent a year earlier, a sign that rising mortgage rates since May have kept some people out of the market and that smaller investors are stepping up purchases.

http://www.bloomberg.com/news/2013-10-24/families-blocked-by-investors-f...

Monday, December 9th, 2013

Q:     No one bought my house at a foreclosure auction. Is it true that the property now legally belongs to the bank? What happens next - do they have the right to evict me upon notice? What happens if they want to conduct another foreclosure auction?

A:     Foreclosure auctions differ by state. But typically, a foreclosure auction is held by the bank or the bank's trustee on behalf of the bank to get higher bids from third parties on the home. If no bids are made, the home is sold back to the bank by default.

http://www.avvo.com/legal-answers/the-bank-conducted-a-foreclosure-auction-on-my-pro-1465441.html

Monday, December 9th, 2013

Q:     Hi. I have a question please. After the Final Judgment of Foreclosure is recorded, approximately how long do you have until the foreclosure auction in Central Florida? And then do you have to move out immediately after the house is sold? Thanks in advance.

A:     Typically on the day the judge enters the Final Judgment, he will also set a sale date. This sale date may be anywhere from 30 to 120 days after the final judgment is entered. Refer to your court docket for that specific date, or consult the attorney who handled your case.

http://www.avvo.com/legal-answers/how-long-until-foreclosure-auction--1452854.html

Monday, December 9th, 2013

Q:     I am trying to work out a Bank of America Co-op short sale, we are just submitting an Signed offer today, The bank is asking 206,400; the offer is for 190, the bank just did a drive by valuation, the house needs New AC, Stove, Dishwasher.

A:     You will get nowhere with an OCC Complaint. The OCC is hugely bureaucratic and far too friendly with the banks.
See a knowledgeable Chapter 13 attorney and file Chapter 13 requesting the LMM program.

http://www.avvo.com/legal-answers/hello--has-anybody-seen-any-success-in-stopping-a--1470272.html

Monday, December 9th, 2013

Q:     I am in foreclosure and on the 8th the court is going to side with the bank. How long will I have before I have to be out of the house?

A:     How do you know the court will side with the bank on the 8th? Is there a default hearing scheduled that day? If so, you should consult a foreclosure attorney because you may still be able to file an answer and avoid judgment.

http://www.avvo.com/legal-answers/in-foreclosure-1437038.html

Friday, December 6th, 2013

Just two days before Thanksgiving more than a dozen Statesville homeowners found out they'll have to wait another two months to find out if they'll lose their homes to foreclosure.   In August the families received a letter saying they'd have to pay $4.6 million or face foreclosure. The debt was for an unpaid construction loan from nearly 10 years ago.  "You maintain this property for five to six years and then this comes out of the woodwork that we could lose it all," said Lynn Zanotti.

http://www.wsoctv.com/news/news/local/statesville-homeowners-wait-2-mont...

Friday, December 6th, 2013

The banks, also including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM), were required to provide $18.9 billion of the aid to consumers in the form of refinancing, loan forgiveness or short sales, in which lenders agree to allow homes to be sold for less than the mortgages against them.

http://www.bloomberg.com/news/2013-10-16/banks-near-end-of-homeowner-rel...

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